According to the Wells Fargo spokesperson, cited by the source, the decision to close Pariter is not related to the recent launch by the two banks, in partnership with JPMorgan Chase & Co of clearXchange, a P2P payments venture that uses the ACH for settlement. Wells Fargo and Bank of America made large investments in 2008. Bank of America bought the financial management and advisory companies Merrill Lynch and Wells Fargo took over Wachovia, a personal and business financial services provider.
In 2008, Wells Fargo and Bank of America joined forces to operate a single, combined ACH platform for both companies and their clients. The joint venture offered electronic funds transfers, such as direct deposit, direct payment, B2B payments, e-checks, e-commerce payments and tax payments.
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